The ratings on Sweden-based security services provider Securitas AB reflect Standard&Poor's Ratings Services' view of the group's position as the world leader in the relatively recession-resilient security services market, its diversified customer base, strong geographic coverage, and solid track record. These strengths are offset to a degree by Securitas' intermediate financial risk profile and the competitive nature of the group's markets. Demand for security services is relatively resilient, despite showing a fair degree of correlation with the general economic conditions of the recent downturn. Although the security services industry is slowly consolidating, it is still highly fragmented in many of its key markets. Securitas is a market leader in both Europe and North America. We anticipate that Securitas
